Three months ago, commercial real estate developer Trammell Crow Co. announced they were re-entering the Seattle market. A medical facility at 1124 Columbia St. in First Hill marks their first purchase since the announcement.
Plans for 1124 Columbia, which is next to Swedish Medical Center, include adding an eighth floor to the existing building and building a 330-stall parking structure on the same block . When completed in 2014, 1124 Columbia will have about 190,000 square feet of medical office space. Trammell Crow paid $42.6 million for the 1.4-acre property according to public records. They also plan on converting two nearby parking lots into multiple residential buildings with 255 units and could start construction on that by 2015.
· Trammell Crow Co. back in the game in Seattle with $42.6 million acquisition [PSBJ]